An ITIN is a tax processing nine-digit number issued by the Internal Revenue Service to help immigrants comply with US tax laws and provide the means to effectively process and account for tax returns and payments from those who do not qualify for a Social Security Number.
Individuals use this number as a legal identity card to open an interest-bearing bank account, securing a driver's license, apply for a home mortgage loan, also sign up for a particular health plan and insurance. However, it is not business or the company's tax identification number and does not serve a license to work. To get more information about ITIN and its services you can go through this link https://taxpa.com/services/itin-services/
Since ITIN in line with the tax preparation business, both the resident and nonresident individuals can get an ITIN but must have a filing requirement and file a valid income tax return. These cases may include:
- Nonresident foreign nationals who have a business or invest in the US and received a number of taxable income from the business, but it is in other countries.
- A foreign student or scholar who is willing to apply for scholarships and allowances and have qualified as a US resident.
- Dependent or spouse of a US citizen or resident alien
- Dependent or spouse of a nonresident alien visa holder
ITIN services not only help to build the tax base by allowing more people paying into the system, but allows it to offer more services to existing customers. Applicants must fill out a form W7 that they can collect from the social security office along with a completed tax return and send it to the IRS to accept the ITIN.
When the application is approved, the ITIN is sent to each applicant by post. Also, the IRS does not accept notarized copies of documents from applicants for ITIN. Only original copies of 13 documents as listed by the IRS must be submitted to verify the identity and foreign status.